Clifford Chance

Clifford Chance advises the underwriters on Avolta AG's first high-yield bond offering since the business combination of Dufry and Autogrill

Global law firm Clifford Chance has advised a syndicate of 17 underwriters led by BNP Paribas, BofA Securities, HSBC, Intesa Sanpaolo, ING and UniCredit, on the successful offering of €500 million 4.750% Senior Notes due 2031 by Avolta AG and the dealer manager (BofA Securities) on a concurrent tender offer by Avolta for its existing notes due in October 2024.

Avolta (previously known as Dufry) is a leading global travel experience player in the travel retail and F&B industry, with operations in 73 countries. In 2023, Dufry and Autogrill combined their travel retail and F&B businesses and formed the new brand - Avolta. This is Avolta's inaugural bond issuance following the business combination. Clifford Chance also represented the underwriters on some of Dufry's previous bond issuances.

Clifford Chance's cross border team advising on the bond issuance and tender offer was led by U.S. High Yield Partner, Michael Dakin, Yash Ranade (Senior Associate) and Sarah Wetzel (Associate). Paul Deakins (Partner) and Lucia Ferrer (Senior Associate) from London the debt capital markets practice supported on the tender offer.